(OIXWXURGHORV'HSDUWDPHQWRVGH2UJDQL]DFLyQ 6LVWHPDV
GH,QIRUPDFLyQHQODVHPSUHVDV
&DUORV5~D&RVWD
,QVWLWXWRGH2UJDQL]DFLyQ &RQWUROGH6LVWHPDV,QGXVWULDOHV8QLYHUVLWDW3ROLWqFQLFDGH&DWDOXQ D
UXD#LRFXSFHV
5(680(1
/RVDQWLJXRV'HSDUWDPHQWRVGH,QIRUPiWLFDGHODVHPSUHVDVKDQWHQLGRXQSDSHOFDPELDQWHFRQ
HOWLHPSR+R HQG DVHWLHQGHDGHQRPLQDUORV'26,'HSDUWDPHQWRVGH2UJDQL]DFLyQ 6LVWHPDV
GH,QIRUPDFLyQVLQHPEDUJRORVFRQVWDQWHVFDPELRVHQHOHQWRUQRHFRQyPLFR HPSUHVDULDO OD
H[SORVLyQGHODVWHFQRORJ DVGHODLQIRUPDFLyQ ODVFRPXQLFDFLRQHV7,&YDQDKDFHUTXHHQXQ
IXWXURSUy[LPRHVWRVGHSDUWDPHQWRVGHEDQDGRSWDUXQSDSHOPXFKRPiVDFWLYRHQODJHVWLyQGHOD
HPSUHVD DFWXDQGR FRPR O GHUHV  PRWLYDGRUHV GHO UHVWR GHOD RUJDQL]DFLyQ HQ QXHYRV 
SURPHWHGRUHVPRGHORVGHQHJRFLR
(YROXFLyQGHORVGHSDUWDPHQWRVGHLQIRUPiWLFD
$ ODUJR GH VX KLVWRULD ORV DQWLJXRV GHSDUWDPHQWRV GH LQIRUPiWLFD GH ODV HPSUHVDV KDQ LGR
FDPELDQGR GH QRPEUH  WDPELpQ GH IXQFLyQ 'XUDQWH ORV DxRV  DO SULQFLSLR GH OD
LQIRUPDWL]DFLyQ HQ PDVD GH ODV HPSUHVDV H[LVW DQ ORV GHQRPLQDGRV &HQWURV GH 3URFHVR GH
'DWRV&3'FX DIXQFLyQEiVLFDHUDODDXWRPDWL]DFLyQGHODVRSHUDFLRQHVTXHUHSUHVHQWDEDQ
XQJUDQYROXPHQGHLQIRUPDFLyQ(QPXFKRVFDVRVHVWRV&3'VHLQFOX DQIXQFLRQDOPHQWHHQ
HOGHSDUWDPHQWRGHFRQWDELOLGDGGHODHPSUHVDRHQJHQHUDOGHSHQG DQGHOiUHDHFRQyPLFR
ILQDQFLHUD
$ PHGLDGRV GH ORV  ORV &3' HYROXFLRQDQ KDVWD FRQYHUWLUVH HQ 'HSDUWDPHQWRV GH
,QIRUPiWLFD ', LQGHSHQGL]iQGRVH HQ JUDQ PHGLGD GHO iUHD HFRQyPLFR ILQDQFLHUD GH OD
HPSUHVD  FRPHQ]DQGRDRIUHFHUVXVVHUYLFLRVDRWURVGHSDUWDPHQWRVGHODPLVPD(VWRV',
FHQWUDQVXDFWLYLGDGHQGHVDUUROODUDSOLFDFLRQHVHQIRFDGDVDDXPHQWDUODSURGXFWLYLGDGGHOD
FRPSDx D  RULHQWDGDV D ODV QHFHVLGDGHV SDUWLFXODUHV GH FDGD XVXDULR ILQDO VH HODERUDQ
DSOLFDFLRQHVSHUVRQDOL]DGDVSDUDFDGDiUHDRGHSDUWDPHQWRGHODHPSUHVD
$ ILQDOHV GH ORV  DSDUHFHQ ORV 'HSDUWDPHQWRV GH 6LVWHPDV GH ,QIRUPDFLyQ '6, FX D
PLVLyQSULQFLSDOSDVDDVHUDKRUDODHIHFWLYLGDGGHOQHJRFLRHQVXFRQMXQWR6LKDVWDDKRUDORV
GHVDUUROORV  ODVDSOLFDFLRQHV VH SDUWLFXODUL]DQ SDUD FDGD GHSDUWDPHQWR R LQFOXVR SDUD FDGD
XVXDULR DKRUD VH WUDWD GH LQWHJUDU ORV GLIHUHQWHV HQWRUQRV GH WUDEDMR FRQVWUXLGRV KDVWD HO
PRPHQWR 6H JHQHUDOL]D VX IXQFLyQ SDVDQGR GH WUDEDMDU FRQ RUGHQDGRUHV D WUDEDMDU FRQ
LQIRUPDFLyQ
$ILQDOHVGHORVDSDUHFHQORV'HSDUWDPHQWRVGH2UJDQL]DFLyQ 6LVWHPDVGH,QIRUPDFLyQ
'26, /D HYROXFLyQ HV QDWXUDOFRQHQWRUQRVFDGD YH]PiVLQWHJUDGRVOD LPSODQWDFLyQ GH
QXHYRVVLVWHPDVSRUHMHPSORORVVLVWHPDV(53HOLQLFLRGHOHEXVVLQHVVVXIXQFLyQWLHQHTXH
FXEULU WDPELpQ DVSHFWRV GH RUJDQL]DFLyQ HQ OD HPSUHVD  DQR VH GHVDUUROOD XQD DSOLFDFLyQ
SDUD VDWLVIDFHU D XQ XVXDULR VLQR TXH HV OD RUJDQL]DFLyQ GH OD HPSUHVD OD TXH KD GH JLUDU
DOUHGHGRUGHODVDSOLFDFLRQHVGHJHVWLyQ
¢4XpKDFHQORV'26,KR HQG D"
/DVIXQFLRQHVTXHDFWXDOPHQWHUHDOL]DQORV'26, SXHGHQHQIRFDUVHHQGHVGHGRVSXQWRVGH
YLVWDGDQGRDVXVDFWLYLGDGHVXQDHVWUXFWXUDPDWULFLDOFRPRPXHVWUDODILJXUD3RUXQODGR
WHQHPRVODVGLIHUHQWHViUHDVGHFRQRFLPLHQWRRHQWRUQRVGHJHVWLyQ SRURWURWHQHPRVORV
SURFHVRVRDFWLYLGDGHVTXHSXHGHQUHDOL]DUVHHQFDGDXQDGHHVDViUHDVGHFRQRFLPLHQWR
)LJXUD(VWUXFWXUDPDWULFLDOGHXQ '26,IXHQWH5*RPLV$XWRULWDW3RUWXjULDGH%DUFHORQD
5HVSHFWRDODViUHDVGHFRQRFLPLHQWRSXHGHQFRQVLGHUDUVHODVVLJXLHQWHV
2ILPiWLFDTXHFRPSUHQGHORVGLIHUHQWHVDVSHFWRVGHODLQIRUPiWLFDGHXVXDULRLQVWDODFLyQ
PDQWHQLPLHQWRGH3& SHULIpULFRVSURJUDPDVGHXVXDULRVXLWHV VLPLODUHV
,QIRUPiWLFDGHJHVWLyQTXHFRPSUHQGHODVDSOLFDFLRQHVFRUSRUDWLYDVGHODHPSUHVD(53
IDFWXUDFLyQFRQWDELOLGDGQyPLQDV«
7HOHFRPXQLFDFLRQHVTXHHQXQVHQWLGRDPSOLRLQFOX HWDPELpQODLQIUDHVWUXFWXUD GHUHG 
ODVFRPXQLFDFLRQHVLQIRUPiWLFDVDV FRPRORVDFFHVRVDODVFRQH[LRQHVH[WHUQDV
2UJDQL]DFLyQ GH VLVWHPDV TXH FRPSUHQGH OD SODQLILFDFLyQ  JHVWLyQ GH UHFXUVRV
LQIRUPiWLFRV SHUR HQ FLHUWRV DVSHFWRV WDPELpQ GH ORV GHVWLQDWDULRV GH GLFKRV UHFXUVRV
IRUPDFLyQJHVWLyQGHODDWHQFLyQDOXVXDULRDGDSWDFLyQGHVLVWHPDVDOXVXDULRRGHORV
XVXDULRVDORVQXHYRVVLVWHPDV«
2WUDVTXHHQIXQFLyQGHODVQHFHVLGDGHV FDUDFWHU VWLFDVGHFDGDHPSUHVDSXHGHQVHUPX 
GLIHUHQWHV
'HVGHHOSXQWRGHYLVWDGHODVDFWLYLGDGHVRSURFHVRVTXHVHSXHGHQOOHYDUDFDERHQFDGDXQR
GHORVHQWRUQRVWHQHPRVORVVLJXLHQWHV
'HVDUUROORSRUHMHPSORGHXQDQXHYDDSOLFDFLyQXQSODQGHUHQRYDFLyQGHRUGHQDGRUHV
HWF
0DQWHQLPLHQWR SRU HMHPSOR DGDSWDFLRQHV GH ORV SDTXHWHV PDQWHQLPLHQWR GH OD
LQIUDHVWUXFWXUDGHUHGGHODVDSOLFDFLRQHVLQIRUPiWLFDVDFWXDOL]DFLyQGHQXHYDVYHUVLRQHV
GHVRIWZDUHHWF
2UJDQL]DFLyQ
7HOHFRPX
QLFDFLRQHV
2ILPiWLFD
,QIRUPiWLFD
GHJHVWLyQ
2WURV
'HVDUUROORV
0DQWHQLPLHQWR
$GPLQLVWUDFLyQGHVLVWHPDV
$WHQFLyQDO¶XVXDULR
$GPLQLVWUDFLyQSRUHMHPSORGHODVFXHQWDV GHUHFKRVGHDFFHVRDORVVLVWHPDVJHVWLyQ
GHODVFRPXQLFDFLRQHVH[WHUQDVDXWRUL]DFLRQHVGHDFFHVRUHPRWRHWF
$WHQFLyQDORVXVXDULRV
(OQXHYRHVFHQDULR
/RV FDPELRV TXH KDQ LGR VXUJLHQGR HQ ORV ~OWLPRV DxRV  TXH KDQ KHFKR PRGLILFDU OD
HVWUXFWXUD  IXQFLRQHV GH ORV GHSDUWDPHQWRV GH LQIRUPiWLFD QR KDQ ILQDOL]DGR WRGDY D /DV
FRQGLFLRQHVGHOHQWRUQRYDQDKDFHUTXHDSDUWLUGHDKRUDORV'26,WHQJDQTXHPRYHUVHHQ
XQQXHYRHVFHQDULRODVFDUDFWHU VWLFDVEiVLFDVGHOFXDOYDQDVHU
/DV7,&YDQDLUGHVDUUROOiQGRVHFDGDYH]FRQPD RUUDSLGH]HQXQHQWRUQRGHFRQVWDQWH
LQQRYDFLyQ ODVHPSUHVDVFDGDYH]WHQGUiQXQPD RUJDVWRHQWHFQRORJ D
$SDUHFHQQXHYRVPRGHORVGHJHVWLyQRVHFRQVROLGDQORVPRGHORVH[LVWHQWHVJHVWLyQSRU
SURFHVRVFDOLGDGWRWDORULHQWDFLyQDO FOLHQWH(VWRVPRGHORVVH FRQYHUWLUiQOR HVWiQ
KDFLHQGR DHQIDFWRUHVGLIHUHQFLDGRUHVGHODH[FHOHQFLDHPSUHVDULDO
1RV DGHQWUDPRV HQ OD HUD GHO HEXVVLQHV GRQGH ODV UHODFLRQHV HOHFWUyQLFDV HQWUH ODV
HPSUHVDV %% %& HFRPPHUFH HORJLVWLFV 6&0 YDQ D WRPDU FDGD YH] PD RU
LPSRUWDQFLD (OOR KDFH TXH DSDUH]FDQ QXHYDV RSRUWXQLGDGHV GH QHJRFLR SDUD PXFKDV
HPSUHVDV QXHYRV FDQDOHV GH YHQWD  GLVWULEXFLyQ WUDQVDFFLRQHV HQ WLHPSR UHDO FRQ
FOLHQWHV SURYHHGRUHVHWF$SHVDUGHTXHHQODDFWXDOLGDGVHKDSXHVWRDOJRGHIUHQRD
ODVGHVPHVXUDGDVH[SHFWDWLYDVTXHKDFHXQRVDxRVGHVSHUWDEDHOHEXVVLQHVVVLJXHVLHQGR
FLHUWRTXHODVHPSUHVDVTXHQRVHDQFDSDFHVGHDGDSWDUVHDWLHPSRDODQXHYDIRUPDGH
QHJRFLDUHVWpQDUULHVJDQGRVXSURSLDVXSHUYLYHQFLD
(QWUDPRVHQODHUDSRVW(53ORVVLVWHPDVLQIRUPiWLFRVGHJHVWLyQLQWHUQDGHODVHPSUHVDV
HVWiQ DLQWHJUDGRV HOVLJXLHQWHSDVRFRQVLVWHHQH[WHQGHUHVWDLQWHJUDFLyQDSURYHHGRUHV
 FOLHQWHV/RV IDEULFDQWHVGH DSOLFDFLRQHVLQIRUPiWLFDVGHJHVWLyQ LQWHJUDOXWLOL]DQFDGD
YH] PiV HO WpUPLQR 6&0 VXSO  FKDLQ PDQDJHPHQW SDUD UHIHULUVH D HVWD LQWHJUDFLyQ
YHUWLFDO
/DJOREDOL]DFLyQGHORVPHUFDGRVJHQHUDXQHQWRUQRFDGDYH]PiVFRPSHWLWLYRHQHOTXH
SURYHHGRUHV FOLHQWHV  FRPSHWLGRUHV FRQYLYHQ HQ XQ iPELWR PXQGLDO /D LQIRUPDFLyQ
VREUHHOPHUFDGRGHEHREWHQHUVH  WUDWDUVHWHQLHQGRHQFXHQWDHVWRVDVSHFWRV(VWRKDFH
TXHXQIDFWRUFODYHSDUDHOGHVDUUROORGHODHPSUHVDVHDODJHVWLyQGHOFRQRFLPLHQWR
/DVIXQFLRQHVGHORV'26,HQHOIXWXUR
7RGRORH[SXHVWRHQHODSDUWDGRDQWHULRUYDDPRWLYDUTXHORV'26,WHQJDQTXHPRGLILFDUVXV
DFWLYLGDGHV DGDSWiQGRODVD HVWHQXHYRHVFHQDULR GHPDQHUDTXH DGHPiVGH ODV DFWLYLGDGHV
FOiVLFDV TXH GHVDUUROODED  TXH GHEHUi VHJXLU OOHYDQGR D FDER DXQTXH TXL]iV GH IRUPD
GLIHUHQWHORV'26,GHEHUiQOLGHUDUORVQXHYRVPRGHORVGHQHJRFLRGHODVHPSUHVDVSDUDHOOR
GHEHUiQ DVXPLU QXHYDV IXQFLRQHV  FRPR YHUHPRV PiV DGHODQWH GRWDUVH GH XQD IRUPD GH
RUJDQL]DFLyQGLIHUHQWHDODDFWXDO
 /DVIXQFLRQHVFOiVLFDVRWUDGLFLRQDOHVGHORV'26,
([LVWHQ XQDV IXQFLRQHV WUDGLFLRQDOHV TXH GHEHUiQ VHJXLU FXPSOLpQGRVH HV QHFHVDULR HO
PDQWHQLPLHQWR GH OD LQIUDHVWUXFWXUD LQIRUPiWLFD ODV FRPXQLFDFLRQHV GDU VRSRUWH D ORV
XVXDULRVODDGPLQLVWUDFLyQGHVLVWHPDV)XQFLRQHVWRGDVHOODVQHFHVDULDVWDQWRDKRUDFRPR
HQXQIXWXURD FRUWRRPHGLRSOD]R&RQHOODVVXFHGHUiDOJRSDUHFLGRD ORTXHVXFHGHSRU
HMHPSORFRQODWHOHIRQ DVHVXSRQHTXHIXQFLRQD ORVXVXDULRVQRDJUDGHFHQRYDORUDQHOTXH
IXQFLRQHFRUUHFWDPHQWHVLQRTXHVHTXHMDQFXDQGRGHMDGHIXQFLRQDU&RQORVRUGHQDGRUHV OD
LQIRUPiWLFD WLHQGHDVXFHGHUORPLVPRHOXVXDULRFRQHFWDVXRUGHQDGRU HVSHUDTXHWRGRVORV
SURJUDPDV  VHUYLFLRV D ORV TXH GHEH DFFHGHU IXQFLRQHQ GH IRUPD FRUUHFWD UXWLQD TXH QR
YDORUDHQVXMXVWDPHGLGDKDVWDHOG DHQTXHQRIXQFLRQDHQWRQFHVOODPDDO'HSDUWDPHQWRGH
,QIRUPiWLFDTXHMiQGRVHSRUORPDOTXHIXQFLRQDQORVVLVWHPDV
/R TXH V  YD D YDULDU HV OD IRUPD GH FXPSOLU FRQR HVWDV IXQFLRQHV PiV UXWLQDULDV TXH VH
UHDOL]DUiQFDGDYH]GHIRUPDPiVDXWRPiWLFDFRQXQPHQRUUHTXHULPLHQWRGHUHFXUVRV GH
IRUPDFDGDYH]PiVLPSHUFHSWLEOHSDUDHOXVXDULRILQDO6HHVWDEOHFHUiQQLYHOHVGHVHUYLFLR 
VHHVSHUDUiTXHHVWRVVHFXPSODQSHURVLQGDUOHVXQDPD RULPSRUWDQFLD
(VWH SURFHVR GH DXWRPDWL]DFLyQ D VH HVWi SURGXFLHQGR OD LQVWDODFLyQ GH SURJUDPDV 
SHULIpULFRVHVFDGDYH]PiVVLPSOHODSDUDPHWUL]DFLyQGHODVDSOLFDFLRQHVHVWiFDGDYH]PiV
DO DOFDQFH GH ORV XVXDULRV PXFKDVGH ODV WDUHDV UHSHWLWLYDVODVUHDOL]DHOSURSLRVLVWHPD GH
IRUPDDXWRPiWLFDVLQQHFHVLGDGGHLQWHUYHQFLyQGHORSHUDULR3RUSRQHUXQHMHPSORGHWRGR
HVWRSRGHPRVILMDUQRVHQODUHDOL]DFLyQGHFRSLDVGHVHJXULGDGGHOVLVWHPDDQWHVHUDKDELWXDO
TXHORVYLHUQHVSRUODWDUGHHODGPLQLVWUDGRUGHOVLVWHPDGHGLFDVHXQEXHQUDWRDSUHSDUDUORV
SURJUDPDV GH EDFN XS VHOHFFLRQDU ORV ILFKHURV D JXDUGDU SURFHGHU D OD HMHFXFLyQ GHO
SURJUDPD HWFpWHUD +R  HQ G D OD DSOLFDFLyQ SXHGH HMHFXWDUVH DXWRPiWLFDPHQWH  HO
DGPLQLVWUDGRUGHOVLVWHPDVyORWLHQHQTXHSUHRFXSDUVHGHFDPELDUODFLQWDRODVFLQWDVGHYH]
HQFXDQGR
3RU WRGR HOOR  HVWR HVWi VXFHGLHQGR D HQ HO SUHVHQWH HVWDV IXQFLRQHV VRQ FDGD YH] PiV
VXEFRQWUDWDEOHVRXWVRXUFLQJ  FDGDYH]PiVVHUiQHQWHQGLGDVFRPRXQDIXHQWH GHFRVWHV
SDUDODHPSUHVDSHURQRFRPRXQDIXHQWHGHYDORUWRGDVODVHPSUHVDVGHEHUiQFXPSOLUFRQ
HOODV FXPSOLUELHQ SHURHOKHFKRGHKDFHUORPX ELHQQRVHUiXQIDFWRUGLIHUHQFLDGRUGHVX
JHVWLyQ
 /DVQXHYDVIXQFLRQHV
6XFRQRFLPLHQWRGHODVQXHYDVWHFQRORJ DVKDFHTXHHO'26,VHDHOGHSDUWDPHQWRLGHDOSDUD
OLGHUDU  PRWLYDU DO UHVWR GH OD RUJDQL]DFLyQ HQ OD LPSODQWDFLyQ GH ORV QXHYRV PRGHORV GH
QHJRFLR(QHVWHVHQWLGRHO'26,GHEHDGRSWDUXQSDSHOGHWHUPLQDQWHHQHQWRUQRVFRPR
(O FRPHUFLR HOHFWUyQLFR %% %& HO HPDUNHWLQJ ODV UHODFLRQHV  QHJRFLDFLRQHV
DSR DGDVHQ,QWHUQHW
(OSDVRGHXQVLVWHPD(53(QWHUSULVH5HVRXUFH3ODQQLQJDXQDXWpQWLFR6&06XSSO 
&KDLQ 0DQDJHPHQW SURPRYLHQGR OD LQWHJUDFLyQ DFWLYD FRQ FOLHQWHV  SURYHHGRUHV D OR
ODUJR GH OD FDGHQD ORJ VWLFD DXWRPDWL]DQGR HQ OR SRVLEOH ODV FRPXQLFDFLRQHV HQWUH
HPSUHVDV SHGLGRV IDFWXUDV DOEDUDQHV LQIRUPHV GH VLWXDFLyQ GH HVWRFV HVWDGR GH ORV
HQY RVRIHUWDVGHSURGXFWRV«
/D JHVWLyQ GHO FRQRFLPLHQWR GH OD FRPSDx D WDQWR HQ OR TXH VH UHILHUH D LQIRUPDFLyQ
LQWHUQDGHOQHJRFLRDFWLYRVLQWHOHFWXDOHVFRPRDODLQIRUPDFLyQH[WHUQDQHFHVDULDSDUD OD
WRPDGHGHFLVLRQHV%XVLQHVV,QWHOOLJHQFH(OFRQFHSWRGH-,7MXVWLQWLPHKDVWDDKRUD
DSOLFDGRDORVPDWHULDOHVYDDH[WHQGHUVHDODLQIRUPDFLyQFDGDQLYHOHQODHPSUHVDGHVGH
OD DOWD GLUHFFLyQ KDVWD ORV UHVSRQVDEOHV RSHUDWLYRV GHEHUi GLVSRQHU GH OD LQIRUPDFLyQ
DGHFXDGDHQHOPRPHQWRHQTXHODSUHFLVH
/DUHLQJHQLHU DLQWHUQDGHSURFHVRVLQFOX HQGRDVSHFWRVRUJDQL]DWLYRVODDXWRPDWL]DFLyQ
LQWHUQD HO GLVHxR GH FLUFXLWRV GH WUDEDMR ZRUNIORZV VLVWHPDV GH D XGD DO WUDEDMR HQ
JUXSR
(VLPSRUWDQWHKDFHUQRWDUTXHVLELHQHQODVIXQFLRQHVTXHKHPRVGHQRPLQDGRWUDGLFLRQDOHV
HO '26, HV XQ FHQWUR GH FRVWH SDUD OD HPSUHVD PXFKDV GH HVWDV QXHYDV IXQFLRQHV VRQ
FODUDPHQWH GHFUHDFLyQGHYDORU  HVWiQRULHQWDGDVDODJHQHUDFLyQGHQHJRFLRORTXHKDFH
HYROXFLRQDU D ORV '26, TXH GHEHQ GHMDU GH VHU XQ GHSDUWDPHQWR GH VRSRUWH  D XGD D ORV
GHPiVSDUDFRQYHUWLUVHXQGHSDUWDPHQWRPRWLYDGRU O GHUGHODHPSUHVD
2EVpUYHVHWDPELpQTXHDOJXQDVGHHVWDVQXHYDVIXQFLRQHVVHLQPLVFX HQFODUDPHQWHHQiUHDV
GHODHPSUHVDTXHKDVWDDKRUDHUDQSURSLHGDGH[FOXVLYDGHRWURVGHSDUWDPHQWRV3RUHMHPSOR
HOFRPHUFLRHOHFWUyQLFRHQWUDHQXQFDPSRGHDFWXDFLyQODYHQWDGHORVSURGXFWRVTXHKDVWD
DKRUDHUDUHVSRQVDELOLGDGH[FOXVLYDGHOiUHDFRPHUFLDOODLPSODQWDFLyQGHVLVWHPDV(53KD
KHFKRTXHORV'26,LQWHUILHUDQPiVHQODViUHDVSURGXFWLYDV ORJ VWLFDVGHODHPSUHVD HVWD
LQWURPLVLyQVHDFUHFHQWDUiFRQODLPSODQWDFLyQGHORVQXHYRVVLVWHPDV6&0ODDSDULFLyQGH
,QWHUQHW FRPR PHGLR GH SURPRFLyQ LQWHUILHUH FRQ ODV IXQFLRQHV GH ORV GHSDUWDPHQWRV GH
PiUTXHWLQJODDXWRPDWL]DFLyQGHSURFHVRV HOLQWHUFDPELRHOHFWUyQLFRGHGDWRVLQWHUILHUHFRQ
ORVSURFHVRV GHSDUWDPHQWRVDGPLQLVWUDWLYRV
6L VH DQDOL]D FRQ GHWDOOH HO SiUUDIR DQWHULRU SRGUi REVHUYDUVH TXH HQ pO VH KDQ XWLOL]DGR
DOJXQDVSDODEUDVFRQFRQQRWDFLRQHVOLJHUDPHQWHKRVWLOHVLQPLVFXLUVHLQWHUIHULUHQWURPHWHUVH
1RGHEHU DQKDEHUVHXWLOL]DGRHVWDVSDODEUDVSHURSXHGHQLGHQWLILFDUFODUDPHQWHODVHQVDFLyQ
TXHVHJHQHUHHQHVWRVGHSDUWDPHQWRVRHQSDUWHGHVXSHUVRQDODQWHODDVXQFLyQGHQXHYDV
IXQFLRQHVSRUSDUWHGHO'26,
3DUDHYLWDUHVWDVHQVDFLyQTXHSRGU DGHVHQYRFDUHQXQHQIUHQWDPLHQWRHQWUHGHSDUWDPHQWRV
HV QHFHVDULR GHVDUUROODU DO Pi[LPR ODV UHODFLRQHV LQWHUGHSDUWDPHQWDOHV  SRWHQFLDU OD
SDUWLFLSDFLyQ GHGLFKDV iUHDV HQ HO GLVHxR GH ORV QXHYRV VHUYLFLRV $V  PLVPR VHUiQ
QHFHVDULRVQXHYRVLQVWUXPHQWRVGHJHVWLyQ  UHODFLyQHTXLSRVLQWHUGHSDUWDPHQWDOHVJHVWLyQ
SRUSURFHVRVRSUR HFWRVPRWLYDFLyQ IRUPDFLyQFRPRHMHVEiVLFRVHWF
/DRUJDQL]DFLyQLQWHUQD
3DUDHQIUHQWDUVH DHVWHQXHYRHQWRUQRYDDVHUQHFHVDULRHVWDEOHFHUXQDQXHYDRUJDQL]DFLyQ
LQWHUQDHQHOGHSDUWDPHQWREDVDGDHQHOWUDEDMRHQHTXLSR HQODJHVWLyQSRUSUR HFWRV(VWR
QR HV QDGD QXHYR GHVGH KDFH EDVWDQWH WLHPSR PXFKRV GHSDUWDPHQWRV GH VLVWHPDV GH
LQIRUPDFLyQ WUDEDMDEDQ GH HVWD PDQHUD XQ JUXSR GH DQDOLVWDV  SURJUDPDGRUHV EDMR OD
GLUHFFLyQGHXQMHIHGHSUR HFWRTXHVHGHGLFDEDQDXQGHVDUUROORRLPSODQWDFLyQHQFRQFUHWR
GHVDSDUHFLHQGRHOHTXLSRFRPRWDOHQFXDQWRHOSUR HFWRILQDOL]DED
/DGLIHUHQFLDEiVLFDDSDUWLUGHDKRUDYDDUDGLFDUHQODH[WHUQDOL]DFLyQGHHVWRVHTXLSRVTXH
UHTXHULUiQFDGDYH]FRQPD RUPHGLGDODSUHVHQFLDGHSHUVRQDOH[WHUQRDOGHSDUWDPHQWRFRQ

XQRVFRQRFLPLHQWRV  KDELOLGDGHVGLIHUHQWHVORTXHREOLJDUiDGHVDUUROODUODVKDELOLGDGHVGH
UHODFLyQFRPXQLFDFLyQ QHJRFLDFLyQGHORVGLIHUHQWHVPLHPEURVGHOHTXLSR
(QHIHFWRHQORVHTXLSRVGHDQWDxRODSUHVHQFLDGHSHUVRQDOH[WHUQRVHOLPLWDEDKDELWXDOPHQWH
DORVXVXDULRVILQDOHVFRQORVTXHVHPDQWHQ DQUHXQLRQHVSHULyGLFDVSULPHURSDUDGHWHUPLQDU
ORVUHTXHULPLHQWRVGHOVLVWHPDOXHJRSDUDKDFHUHOVHJXLPLHQWRGHODLPSODQWDFLyQ UHDOL]DU
ORV DMXVWHV QHFHVDULRV SDUD TXH ILQDOPHQWH GLFKR XVXDULR HVWp VDWLVIHFKR FRQ HO VLVWHPD
GHVDUUROODGR$SDUWLUGHDKRUDHVWDLQWHUDFFLyQGHEHUiVHUPXFKRPiVHVWUHFKD3RUHMHPSOR
SDUDLPSODQWDUXQVLVWHPDGHYHQWDHOHFWUyQLFDDWUDYpVGH,QWHUQHWVHUiQHFHVDULRXQWUDEDMR
FRQMXQWRGHORVGHSDUWDPHQWRVGHYHQWDVFRPHUFLDO VLVWHPDVGHLQIRUPDFLyQ1REDVWDFRQ
TXHORVSULPHURVHVWDEOH]FDQXQRVUHTXHULPLHQWRV 6LVWHPDVGH,QIRUPDFLyQORVLPSODQWHHQ
XQDDSOLFDFLyQHQWUHRWUDVFRVDVSRUTXHHVPX SUREDEOHTXHFRPHUFLDO YHQWDVGHVFRQR]FDQ
ODV SRVLELOLGDGHV  ODV DOWHUQDWLYDV  UHVWULFFLRQHV WpFQLFDV D HVWH QXHYD IRUPD GH YHQWD
6LVWHPDV GH ,QIRUPDFLyQ SRU VX SDUWH GHVFRQRFHUi OD HVWUXFWXUD GHO VLVWHPD GH YHQWDV OD
SRO WLFD FRPHUFLDO GH OD HPSUHVD ORV YDORUHV GHO SURGXFWR D SURPRFLRQDU OD SHQHWUDFLyQ
HVWHUDGDGHODQXHYDIRUPDGHYHQWDHOHFWUyQLFDHWF(QUHVXPHQ OD~QLFDIRUPDSRVLEOHGH
p[LWR GH XQ SUR HFWR GH HVWH WLSR UHTXLHUH XQD HVWUHFKD FRODERUDFLyQ HQWUH ORV GLIHUHQWHV
SDUWLFLSDQWHVTXHGHEHUiQLQWHJUDUVHHQXQPLVPRHTXLSRGHWUDEDMRLQWHUGHSDUWDPHQWDO
(YLGHQWHPHQWHWRGRHVWRQRSXHGHKDFHUVHVLQXQFDPELRLPSRUWDQWHHQODFXOWXUDLQWHUQDGHO
GHSDUWDPHQWR /DV QXHYDV IXQFLRQHV  OD QXHYD RUJDQL]DFLyQ UHTXLHUHQ TXH HO SHUVRQDO
GLVSRQJDGHQXHYRVFRQRFLPLHQWRV KDELOLGDGHVKDVWDDKRUDSRFRFRQVLGHUDGRV$V VLKDVWD
DKRUDKDSULPDGRHOFRQRFLPLHQWRWpFQLFRHQODVHOHFFLyQGHOSHUVRQDOGHXQ'HSDUWDPHQWRGH
,QIRUPiWLFD FDGD YH] PiV DXQTXH QHFHVDULR HVWH FRQRFLPLHQWR SDVD D VHU XQD KDELOLGDG
VHFXQGDULD0iVLPSRUWDQWHTXH HOKHFKRGH TXHVHSD SURJUDPDU HQ YDULRV OHQJXDMHVR TXH
FRQR]FDELHQOD~OWLPDWHFQRORJ DHQVLVWHPDVGHJHVWLyQGHUHGHVYDQDVHUODVFDSDFLGDGHVGH
UHODFLyQQHJRFLDFLyQ WUDEDMRHQJUXSR
(VWRHVWDQWRPiVFLHUWRHQHOUHVSRQVDEOHGHO'26,6LQRVSUHJXQWDPRVFXDOHVYDQDVHUVXV
IXQFLRQHVPiVLPSRUWDQWHVDSDUWLUGHDKRUDRGLFKRGHRWUDPDQHUDHQTXHYDDLQYHUWLUVX
WLHPSRHQOD OLVWDDSDUHFHU DQODVVLJXLHQWHVUHODFLyQFRQFOLHQWHV  SURYHHGRUHVYHQWDGH
QXHYRVVHUYLFLRVJHVWLyQGHORVHTXLSRVGHWUDEDMRUHODFLyQFRQHOUHVWRGHGHSDUWDPHQWRVGH
ODHPSUHVDQHJRFLDFLyQGHFRQWUDWRVSODQLILFDFLyQGHOGHVDUUROORGHODHPSUHVDHQHOFDPSR
GHODVQXHYDVWHFQRORJ DVSUHVHQWDFLRQHVDODGLUHFFLyQPRWLYDFLyQGHVXSHUVRQDOHWF(QWUH
ODVFXDOLGDGHVGHVHDGDVHQVXSHUVRQDHVWDUiQ>@HOFRPSURPLVRODIOH[LELOLGDGHOWHQHUXQD
YLVLyQSRVLWLYDODFDSDFLGDGGHLQWHJUDFLyQODFUHDWLYLGDGODFDSDFLGDGSDUDGHVDUUROODUXQD
YLVLyQGHQHJRFLRODFDSDFLGDGSDUDHOWUDEDMRHQHTXLSRSDUDDSRUWDULGHDVGHQHJRFLRSDUD
ODJHVWLyQGHSUR HFWRVSDUDHODQiOLVLV ODHYDOXDFLyQ« 2EVpUYHVHTXHHOFRQRFLPLHQWRGH
ODVWHOHFRPXQLFDFLRQHVODLQIRUPiWLFD ODWHFQRORJ DQRDSDUHFHPiVTXHLQGLUHFWDPHQWHHQ
HVWDOLVWDHOQXHYRUHVSRQVDEOHGHO'26,YDDVHUPiVTXHXQWpFQLFRXQJHVWRU
&RQFOXVLRQHV
$ SHVDU TXH ORV QXHYRV 'HSDUWDPHQWRV GH 2UJDQL]DFLyQ  6LVWHPDV GH ,QIRUPDFLyQ YDQ D
WHQHU TXH VHJXLU GHVDUUROODQGR ODV IXQFLRQHV SURSLDV GH XQ 'HSDUWDPHQWR GH ,QIRUPiWLFD
WUDGLFLRQDOODQXHYDUHDOLGDGHPSUHVDULDOOHVREOLJDUiDDVXPLUQXHYDVIXQFLRQHVUHODFLRQDGDV
FRQODLPSODQWDFLyQGH ODVQXHYDVWHFQRORJ DVHQODHPSUHVD(VWDVQXHYDVIXQFLRQHVYDQD
WHQHU XQD GLIHUHQFLD EiVLFD FRQ ODV GHVDUUROODGDV KDVWD DKRUDVH RULHQWDUiQ FODUDPHQWH D OD
FUHDFLyQGHYDORUHQODHPSUHVDQXHYRVFDQDOHVGHYHQWDPD RUHIHFWLYLGDGGHORVUHFXUVRV 
QXHYDVIRUPDVGHJHVWLyQ«
3DUD SRGHU OOHYDUODV D OD SUiFWLFD VH SUHFLVD XQD QXHYD RUJDQL]DFLyQ LQWHUQD EDVDGD HQ OD
JHVWLyQSRUSUR HFWRVHQORVTXHSDUWLFLSHSHUVRQDOGHGLVWLQWRVGHSDUWDPHQWRVGHODHPSUHVD 
VH SUHFLVDUi HO GHVDUUROOR GH KDELOLGDGHV HQWUH HO SHUVRQDO GHO '26, TXH VL KDVWD DKRUD VH
FHQWUDEDQHQHOFRQRFLPLHQWRWpFQLFRFDGDYH]PiVHVWDUiQUHODFLRQDGDVFRQODJHVWLyQ FRQ
ODVUHODFLRQHVSHUVRQDOHV
$JUDGHFLPLHQWRV
$5DIDHO*RPLV'LUHFWRUGH6LVWHPDVGH,QIRUPDFLyQGHOD$XWRULGDG3RUWXDULDGH%DUFHORQD
SRUODLQIRUPDFLyQIDFLOLWDGD
5HIHUHQFLDV
>@ 3HQWHR,(6((QFXHVWDDGLUHFWRUHVJHQHUDOHV%DUFHORQD*UXSR3HQWHR,(6(